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Gold, Silver, Copper Daily Forecast: Precious Metals Bullish Streak Amid Policy Shift Expectations

By:
Arslan Ali

Gold's recent rally, with the metal hitting a new high, is driven by dovish Fed signals and a weaker dollar, positioning gold for a test of its upper resistance levels.

Metals Recap

In this article:

Key Insights

Gold Prices Forecast

GOLD - Chart
GOLD – Chart

Gold‘s luster continues to intensify in the financial markets, with the spot price slightly retracting to $2,042.01 after touching a new high. The 4-hour chart showcases a remarkable ascent, with the precious metal notching gains and eyeing key resistance levels at $2,056.81 and $2,069.81. Immediate support lies at the $2,009.12 pivot point, which could stabilize price dips.

Technically, the asset’s momentum is underpinned by a Relative Strength Index (RSI) reading of 75, breaching into overbought territory, signaling strong buying pressure.  The 50-Day Exponential Moving Average (EMA) at $2,041.81 acts as a dynamic support, aligning closely with current prices to affirm the bullish trend. The price trajectory has also broken above a rising trendline, reinforcing the bullish outlook.

In conclusion, gold’s overall trend remains decisively bullish above the pivot point. Investors are keenly anticipating whether the asset will challenge the resistance at $2,056.81 in the forthcoming sessions, with the potential to explore higher thresholds amid a favorable technical setup.

Silver Prices Forecast

Silver - Chart
Silver – Chart

Silver’s daily chart presents a compelling narrative, with the metal trading marginally lower at $24.9415, retracing from an intraday peak. The price action is contained within a broadening formation, hinting at increased volatility and potential directional shifts.

Key price levels to monitor include the immediate resistance at $25.0765, a breach of which could prompt a test of the $26.0584 level. Conversely, a pivotal support at $23.5653 underpins the current price, safeguarding against deeper retracements towards the $22.9945 zone.

Technical indicators lend weight to the current consolidation phase. The Relative Strength Index (RSI), at a moderate 70 suggests a market in balance, neither overbought nor oversold. Observing the 50-Day Exponential Moving Average (EMA), which is presently at $24.2957, we find the price snugly above this line, suggesting the underlying bullish sentiment remains intact.

The chart reveals a symmetrical triangle pattern, typically a continuation pattern, hinting that the prevailing trend may resume. In summary, the precious metal’s trajectory is cautiously optimistic above the 50 EMA. A sustained climb above $25.0765 could see silver’s shine intensify, with bulls targeting resistance levels north of $26.

Copper Prices Forecast

Copper - Chart
Copper – Chart

Copper prices are exhibiting a slight pullback in the 4-hour chart, currently trading around $3.84258. The commodity has shown resilience, maintaining its position within an upward channel that suggests a bullish trend.

Key technical levels for traders to watch include a pivot point at $3.79284, which copper is currently trading above, indicating strength. Immediate resistance is found near $3.85628, and surpassing this could lead the metal towards the next resistance levels at $3.89496 and $3.94091.

The Relative Strength Index (RSI) stands at a healthy 61.77, suggesting momentum is with the bulls, but not yet in overbought territory. The price hovers above the 50-Day Exponential Moving Average (EMA), currently at $3.74931, signaling a bullish market sentiment in the short term.

The observed chart patterns and technical indicators align to forecast a continuation of the upward trend. In conclusion, the current trend for copper appears to be bullish, with potential for further gains if it breaks through the immediate resistance.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.

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